Saturday 27 May 2017
 
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Opec

No light at the end of the Opec tunnel

Organization of the Petroleum Exporting Countries (Opec) and several non-Opec countries have finalised plans to extend production cuts for an additional nine months (through Q1 2018) without specifically articulating an exit strategy, said an ex

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Oil producers extend output cut by 9 months

Opec and non-Opec oil producers agreed to extend output cuts for an additional nine months at an Opec meeting in Vienna, Austria yesterday (May 25), a report said. The production cuts of 1.8 million barrels a day, first agreed on

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Opec faces three choices: stay, cut or hike output

The Organisation of Petroleum Exporting Countries (Opec) faces three distinct choices: stay, cut, or hike output at the highly anticipated meeting in Vienna on May 25, said Bank of America Merrill Lynch (BofAML) in a new report. F

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Brent to average $54 in 2017: report

With global oil stocks still too high and US supply recovering faster than we anticipated, Brent is seen averaging $54 per barrel in 2017 and $56 per barrel in 2018, says a Bank of America Merrill Lynch (BofAML) report. The sharp

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Saudi, Russia agree to extend deal to cut oil output

Saudi Arabia and Russia have agreed to extend the Opec and non-Opec oil output reduction deal for another nine months till March 2018, reports said. Saudi Energy Minister Khalid Al-Falih and Russian Energy Minister Alexander Novak

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Saudi Arabia, Russia agree oil output cut extension

Saudi Arabian and Russian energy ministers met on Monday in Beijing, China and jointly stated that a deal to cut crude supplies would be extended from the middle of this year until March 2018, a report said. Opec and other produce

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Iran plans 3 mbd rise in oil output capacity

Iran has plans to raise its crude oil production capacity by three million barrels per day (mbd), said a top official of the National Iranian Oil Company (NIOC) on Monday. The move is aimed at promoting and stabilizing the country

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Kuwait to back oil output cuts deal extension

Kuwait will back efforts made to restore balance to the world's oil markets and eliminate a supply surplus, expecting a deal extending production cuts to be reached on May 25, a report said. Kuwaiti Minister of Oil, Electricit

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Russia ready to extend output cut deal with Opec

Russia is ready to extend the oil production cut agreement with Opec, media sources said, citing the Russian Energy Ministry. "Now we are holding final negotiations on this topic with our partners and are inclined to think th

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Oil producers at ease as output deal reaches half-time

It is now half time for the six-month oil production cuts agreed by Opec and eleven non-Opec countries and so far, the game has gone fairly well for producers, says the International Energy Agency (IEA) in a new report. Prices hav

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